Reports Same-Store Sales Growth in March 2023 of 19.4%

SHANGHAI, China and NEW YORK, April 28, 2023 (GLOBE NEWSWIRE) -- TH International Limited ("Tims China" (Nasdaq: THCH)), the exclusive operator of Tim Hortons coffee shops and Popeyes restaurants in China today announced that it had filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2022 with the U.S. Securities and Exchange Commission (the "SEC").

The Annual Report on Form 20-F can be accessed on the Company's investor relations website at ir.timschina.com and on the SEC's website at www.sec.gov.

FIRST QUARTER 2023 – SAME-STORE SALES

Tims China also reported that in March 2023 same-store sales for company owned and operated stores grew by 19.4%, compared to March 2022. Combined with growth of -12.4% in January and 17.1% in February, this performance yields a same-store sales growth of 8.0% for the first quarter 2023.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Without limiting the generality of the foregoing, the forward-looking statements in this press release include descriptions of the Company's future commercial operations, such as the continued expansion of its store network and growth of its loyalty club members, and its ability to grow customer recognition, brand awareness and loyalty, the potential benefits of the Popeyes transaction, estimates of the Company's future market share and financial performance, and the Company's business plans and financial strategies. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, such as the Company's inability to implement its business plans, identify and realize additional opportunities, or meet or exceed its financial projections and changes in the regulatory or competitive environment in which the Company operates. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's Annual Report on Form 20-F and other documents filed or to be filed by the Company with the SEC from time to time, which could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements. The Company cannot assure you that these forward-looking statements will prove to be accurate and assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

ABOUT TH INTERNATIONAL LIMITED

TH International Limited (Nasdaq: THCH) ("Tims China") is the parent company of the exclusive master franchisees of Tim Hortons coffee shops in mainland China, Hong Kong, and Macau and Popeyes restaurants in mainland China and Macau. Tims China was founded by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International (TSX: QSR) (NYSE: QSR).

The company's philosophy is rooted in world-class execution and data-driven decision making and centered on true local relevance, continuous innovation, genuine community, and absolute convenience. For more information, please visit .

INVESTOR AND MEDIA CONTACTS

Investor Relations
Tims China Investor Relations:
IR@timschina.com

ICR, LLC
TimsChinaIR@icrinc.com

Public Relations
ICR, LLC
TimsChinaPR@icrinc.com